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Economic Report

Economic reports, briefs issued by Samsung Economic Research Institute

Government Cancels Old SME Debts

Government Cancels Old SME Debts

May 27, 2013

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As part of a plan to help the economically underprivileged and small- and medium-sized enterprises (SMEs), the Park Geun-Hye administration decided to write off certain debt obligations held by those who assumed debt due to joint surety contracts for SMEs that went bankrupt in the wake of the currency crisis in 1997, said the Financial Services Commission (FSC). The decision came as the government perceived the crisis as a "national disaster" caused by a systematic risk and helping those who fell victim of the contracts participate in "normal" economic activities as an urgent task.

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